The Financial Services Compensation Scheme (FSCS) has announced that Brighton-based Holborn Assets Ltd and Huddersfield-based Inspirational Financial Management Ltd are both under investigation.
According to the FCA register Holborn Assets Ltd has been in liquidation since October 2023.
It has stopped taking on new business but is still required to meet FCA standards when dealing with its customers.
To read more on this topic, visit: UK firm fails relating to SIPPs
The FSCS told International Adviser that it believes there are likely to be a small number of claims from former clients for unsuitable advice in regard to pensions.
Inspirational Financial Management
The firm went into administration in November 2023 but the FSCS told IA that it was taking part in the FCA’s redress scheme for former BSPS members.
Therefore it expects to received a number of BSPS claims.
While the firm is still authorised by the FCA according to the register it is only authorised for specific activities and product types.
